NEPI Rockcastle, Europe’s third largest listed retail real estate company by portfolio value, announced its operational performance in the first half of 2026 with the Group’s net operating income, including energy activity, rising by 3.8% year-on-year to 318 million euros.

This was driven by rental indexation, active leasing optimisation and tighter cost control – with a recovery rate of 96%. Demand remained buoyant in Central and Eastern Europe with consumers continuing to spend more on average during each visit to NEPI Rockcastle shopping centres with average basket spend up 3.3%. This supported like-for-like tenant sales which were 2.7% higher than a year ago. Occupancy remained close to full at 98.2%.

Marek Noetzel, Chief Executive Officer said: “The strong results in the first half of 2026 demonstrate the quality and the resilience of NEPI Rockcastle’s portfolio and are a testament to our active asset management. We continue to invest in the future of the business across the portfolio, ranging from the extension of Promenada Bucharest, the largest retail development in CEE, to a renewable energy programme where our first greenfield plant in Romania is now producing power for our tenants. The strength of our balance sheet was also acknowledged by S&P Global Ratings, which upgraded the Company to BBB+ in July 2026. This enables us to keep placing capital into value-enhancing opportunities, including our first investment outside Central and Eastern European markets – in Bilbao, Spain, that we have just announced.”

Business Highlights

• The property related like-for-like NOI increased 3.3% to €312 million in H1 2026, underpinned by the indexation of base rents, higher short-term income and better costs recovery.
• The net result from renewable energy production was €5.7 million in H1 2026, 38% above the comparative period, as newly commissioned photovoltaic capacity came on stream.
• NEPI Rockcastle had a strong liquidity position of €1.2 billion on 30 June 2026, consisting of cash and cash equivalents of €461 million and undrawn committed credit facilities of €740 million.
• The Group signed a €250 million green facility loan with the European Bank for Reconstruction and Development (EBRD) after the period end.
• LTV was 33.1% on 30 June 2026 (31 December 2025: 32.8%) and comfortably below the 35% long-term strategic threshold.
• The Group continues to rotate capital towards higher-growth assets. In May 2026, it entered into a non-binding agreement to dispose of Ozas Shopping and Entertainment Centre in Vilnius, Lithuania, which is classified as held, with completion planned by the end of 2026. In August 2026, the Group entered into an agreement to acquire MegaPark Barakaldo in Bilbao for a consideration of €252 million, its first investment in Spain and the Western European market, with closing expected by the end of September 2026.